Saks profit drops amid 'disappointing' same-store sales

SteveGelsi

Saks
SKS, +0.75%
reported first-quarter net income of $12.6 million, or 9 cents per share, compared to $21.9 million, or 15 cents per share in the year-ago period. Not counting one-time items, Saks earned $14.4 million, or 10 cents per share, compared to a net loss of $25.4 million, or 17 cents per share, last year. Total sales fell 3 percent to $1.381 billion. A survey of analysts by Thomson First Call forecasted earnings of 10 cents per share and revenue of $1.385 billion. Same-store sales fell a "disappointing" 3.4 percent, the company said. The Birmingham, Ala.-based retailer said it's "cautiously optimistic" on sales and operating performance trends in the second half of 2003. Shares fell 16 cents to $8.64 on Monday.

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